Exhibit 99.1

Contact:                 Lily Outerbridge

Investor Relations

(441) 298-0760

PLATINUM UNDERWRITERS HOLDINGS, LTD.  REPORTS RECORD FINANCIAL RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2009

HAMILTON, BERMUDA, October 21, 2009 – Platinum Underwriters Holdings, Ltd. (NYSE: PTP) today reported net income of $109.5 million, which is a record $2.10 per diluted common share, for the quarter ended September 30, 2009.

The results for the quarter include net premiums earned of $229.5 million, a decrease of 18.2% from the same quarter last year, and net favorable development of $20.3 million, as compared with net favorable development of $32.0 million for the same quarter last year.

Michael D. Price, Platinum’s Chief Executive Officer, commented, “Our record net income per diluted common share reflects disciplined underwriting, lower than expected catastrophe activity, strong investment results on a total return basis and net favorable reserve development.  Our book value per share was $43.55 as of September 30, 2009, an increase of 11.0% from June 30, 2009 and 25.9% from December 31, 2008.”

Mr. Price added, “We found relatively more attractive underwriting conditions for property and marine reinsurance this year and have accordingly shifted our mix of business toward this segment. While we did not repurchase any shares or debt this particular quarter, we intend to continue our practice of returning excess capital in a cost effective manner for the benefit of our shareholders.”

Results for the quarter ended September 30, 2009 are summarized as follows:

·Net income was $109.5 million, or $2.10 per diluted common share.

·Net premiums written were $243.6 million and net premiums earned were $229.5 million.

·GAAP combined ratio was 72.3%.

·Net investment income was $44.7 million.

·Net realized gains on investments were $22.6 million.

Results for the quarter ended September 30, 2009 as compared with the quarter ended September 30, 2008 are summarized as follows:

·Net income increased $154.8 million.

·Net premiums written decreased $35.6 million (or 12.7%) and net premiums earned decreased $51.2 million (or 18.2%).

·GAAP combined ratio decreased 50.3 percentage points.

·Net investment income decreased $3.3 million (or 6.9%).

·Net realized gains on investments were $22.6 million for the quarter ended September 30, 2009 compared with net realized losses on investments of $0.07 million for the quarter ended September 30, 2008.

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Net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the quarter ended September 30, 2009 were $147.4 million, $88.5 million and $7.7 million, respectively, representing 60.5%, 36.3% and 3.2%, respectively, of the total net premiums written. Combined ratios for these segments were 54.9%, 94.3% and 122.7%, respectively, for the quarter ended September 30, 2009. Compared with the quarter ended September 30, 2008, net premiums written decreased by $19.7 million (or 11.8%) and $18.4 million (or 17.2%) in the Property and Marine and Casualty segments, respectively, and increased $2.5 million (or 48.2%) in the Finite Risk segment.

Results for the nine months ended September 30, 2009 are summarized as follows:

·Net income was $292.5 million, or $5.57 per diluted common share.

·Net premiums written were $697.0 million and net premiums earned were $709.8 million.

·GAAP combined ratio was 76.6%.

·Net investment income was $123.1 million.

·Net realized gains on investments were $53.9 million.

Results for the nine months ended September 30, 2009 as compared with the nine months ended September 30, 2008 are summarized as follows:

·Net income increased $130.3 million (or 80.4%).

·Net premiums written decreased $103.3 million (or 12.9%) and net premiums earned decreased $130.8 million (or 15.6%).

·GAAP combined ratio decreased 13.5 percentage points.

·Net investment income decreased $21.0 million (or 14.6%).

·Net realized gains on investments were $53.9 million for the nine months ended September 30, 2009 compared with net realized losses on investments of $3.3 million for the nine months ended September 30, 2008.

Net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the nine months ended September 30, 2009 were $402.6 million, $273.9 million, and $20.5 million, respectively, representing 57.8%, 39.3% and 2.9%, respectively, of the total net premiums written.  Combined ratios for these segments were 66.2%, 88.1% and 117.3%, respectively, for the nine months ended September 30, 2009.  Compared with the nine months ended September 30, 2008, net premiums written decreased $52.0 million (or 11.4%) and $61.4 million (or 18.3%) in the Property and Marine and Casualty segments, respectively, and increased $10.0 million (or 96.0%) in Finite Risk segment.

Total assets were $5.18 billion as of September 30, 2009, an increase of $255.1 million (or 5.2%) from $4.93 billion as of December 31, 2008.  Cash, cash equivalents and fixed maturity investments were $4.41 billion as of September 30, 2009, an increase of $153.9 million (or 3.6%) from $4.26 billion as of December 31, 2008.

Shareholders’ equity was $2.17 billion as of September 30, 2009, an increase of $360.7 million (or 19.9%) from $1.81 billion as of December 31, 2008.  Book value per common share was $43.55 as of September 30, 2009 based on 49.8 million common shares outstanding, an increase of $8.97 (or 25.9%) from $34.58 as of December 31, 2008 based on 47.5 million common shares outstanding.

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Financial Supplement

Platinum has posted a financial supplement on the Financial Reports page of the Investor Relations section of its website (Financial Supplement).  The financial supplement provides additional detail regarding the financial performance of Platinum and its business segments.

Teleconference

Platinum will host a teleconference to discuss its financial results on Thursday, October 22, 2009 at 8:00 a.m. Eastern time.  The call may be accessed by dialing 877-879-6217 (US callers) or 913-312-0652 (international callers), or in a listen-only mode via the Investor Relations section of Platinum’s website at www.platinumre.com.  Those who intend to participate in the teleconference should register at least ten minutes in advance to ensure access to the call.

The teleconference will be recorded and a replay will be available from 11:00 a.m. Eastern time on Thursday October 22, 2009 until midnight Eastern time on Thursday October 29, 2009.  To access the replay by telephone, dial 888-203-1112 (US callers) or 719-457-0820 (international callers) and specify passcode 2604514. The teleconference will also be archived on the Investor Relations section of Platinum’s website at www.platinumre.com for the same period of time.

Non-GAAP Financial Measures

In presenting the Company's results, management has included and discussed certain schedules containing financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including segment underwriting income (or loss) related underwriting ratios and fully converted book value per common share, are referred to as non-GAAP. These non-GAAP measures may be defined or calculated differently by other companies. Management believes these measures, which are used to monitor the results of operations, assist in understanding the Company. These measures should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures such as income or loss before income tax expense or benefit and total shareholders’ equity is presented in the attached financial information in accordance with Regulation G.

About Platinum

Platinum Underwriters Holdings, Ltd. (NYSE: PTP) is a leading provider of property, casualty and finite risk reinsurance coverages, through reinsurance intermediaries, to a diverse clientele on a worldwide basis.  Platinum operates through its principal subsidiaries in Bermuda and the United States.  The Company has a financial strength rating of A (Excellent) from A.M. Best Company, Inc.  For further information, please visit Platinum’s website at www.platinumre.com.

Safe Harbor Statement Regarding Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”).  Forward-looking statements are based on our current plans or expectations that are inherently subject to significant business, economic and competitive uncertainties and contingencies.  These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us.  In particular, statements using words such as “may,” “should,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “predict,” “potential,” or words of similar import generally involve forward-looking statements.  The inclusion of forward-looking statements in this press release should not be considered as a representation by us or any other person that our current plans or expectations will be achieved.  Numerous factors could cause our actual results to differ materially from those in forward-looking statements, including, but not limited to, severe catastrophic events over which we have no control, the effectiveness of our loss limitation methods and pricing models, the adequacy of our liability for unpaid losses and loss adjustment expenses, our ability to maintain our A.M. Best Company, Inc. rating, the cyclicality of the property and casualty reinsurance business, conducting operations in a competitive environment, our ability to maintain our business relationships with reinsurance brokers, the availability of retrocessional reinsurance on acceptable terms, market volatility and interest rate and currency exchange rate fluctuation, tax, regulatory or legal restrictions or limitations applicable to us or the property and casualty reinsurance business generally, general political and economic conditions, including the effects of civil unrest, acts of terrorism, war or a prolonged United States or global economic downturn or recession; and changes in our plans, strategies, objectives, expectations or intentions, which may happen at any time at our discretion. As a consequence, our future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of us.  The foregoing factors should not be construed as exhaustive.  Additionally, forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update forward-looking statements to reflect new information or circumstances after the date hereof or to reflect the occurrence of future events.

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Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Balance Sheets

As of September 30, 2009 and December 31, 2008

(amounts in thousands, except per share amounts)

	September 30, 2009		December 31, 2008
	(Unaudited)
Assets
Investments	$	3,953,620	$	3,371,886
Cash, cash equivalents and short-term investments		460,171		888,053
Reinsurance premiums receivable		297,089		307,539
Accrued investment income		32,646		29,041
Reinsurance balances (prepaid and recoverable)		31,171		23,310
Deferred acquisition costs		45,581		50,719
Funds held by ceding companies		85,211		136,278
Other assets		276,733		120,337
Total assets	$	5,182,222	$	4,927,163
Liabilities
Unpaid losses and loss adjustment expenses	$	2,373,151	$	2,463,506
Unearned premiums		209,951		218,890
Debt obligations		250,000		250,000
Commissions payable		117,613		125,551
Other liabilities		61,442		59,819
Total liabilities		3,012,157		3,117,766
Total shareholders' equity		2,170,065		1,809,397
Total liabilities and shareholders' equity	$	5,182,222	$	4,927,163
Book value per common share  (a)	$	43.55	$	34.58

(a) Book value per common share is determined by dividing shareholders' equity, excluding capital attributable to preferred shares, by actual common shares outstanding.

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Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)

For the Three and Nine Months Ended September 30, 2009 and 2008

(amounts in thousands, except per share amounts)

	Three Months Ended						Nine Months Ended
	September 30, 2009			September 30, 2008			September 30, 2009			September 30, 2008
Revenue
Net premiums earned	$	229,538			280,725			709,752		$	840,558
Net investment income		44,747			48,043			123,070			144,037
Net realized gains (losses) on investments		22,553			(71	)		53,917			(3,267	)
Net impairment losses		(5,075	)		(13,096	)		(11,739	)		(13,096	)
Other (expense) income		(1,222	)		(88	)		4,222			533
Total revenue		290,541			315,513			879,222			968,765
Expenses
Net losses and LAE		99,240			270,863			368,349			524,458
Net acquisition expenses		50,009			56,320			128,503			182,999
Net change in fair value of derivatives		4,305			6,645			6,828			8,415
Operating expenses		25,210			21,153			68,984			67,943
Net foreign currency exchange (gains) losses		(616	)		6,134			(157	)		3,263
Interest expense		4,757			4,752			14,268			14,253
Total expenses		182,905			365,867			586,775			801,331
Income (loss) before income tax expense (benefit)		107,636			(50,354	)		292,447			167,434
Income tax (benefit) expense		(1,832	)		(5,014	)		(73	)		5,246
Net income (loss)		109,468			(45,340	)		292,520			162,188
Preferred dividends		-			2,602			1,301			7,806
Net income (loss) attributable to common shareholders	$	109,468			(47,942	)		291,219		$	154,382
Basic
Weighted average common shares outstanding		49,660			48,260			49,955			49,963
Basic earnings (loss) per common share	$	2.20			(0.99	)		5.83		$	3.09
Diluted
Adjusted weighted average common shares outstanding		52,039			48,260			52,547			57,633
Diluted earnings (loss) per common share	$	2.10			(0.99	)		5.57		$	2.81
Comprehensive income (loss)
Net income (loss)	$	109,468			(45,340	)		292,520		$	162,188
Other comprehensive income (loss), net of deferred taxes		106,570			(102,921	)		169,952			(145,918	)
Comprehensive income (loss)	$	216,038			(148,261	)		462,472		$	16,270

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Platinum Underwriters Holdings, Ltd.

Segment Reporting

For the Three Months Ended September 30, 2009 and 2008

($ in thousands)

Three Months Ended September 30, 2009 (Unaudited)
Segment underwriting results	Property and Marine			Casualty			Finite Risk			Total
Net premiums written	$	147,448			88,467			7,675		$	243,590
Net premiums earned		132,567			90,591			6,380			229,538
Net losses and LAE		46,307			59,243			(6,310	)		99,240
Net acquisition expenses		16,821			19,393			13,795			50,009
Other underwriting expenses		9,643			6,751			342			16,736
Total underwriting expenses		72,771			85,387			7,827			165,985
Segment underwriting income (loss)	$	59,796			5,204			(1,447	)		63,553
Net investment income											44,747
Net realized gains on investments											22,553
Net impairment losses											(5,075	)
Net change in fair value of derivatives											(4,305	)
Net foreign currency exchange gains											616
Other expense											(1,222	)
Corporate expenses not allocated to segments											(8,474	)
Interest expense											(4,757	)
Income before income tax expense										$	107,636
GAAP underwriting ratios:
Loss and LAE		34.9	%		65.4	%		(98.9	%)		43.2	%
Acquisition expense		12.7	%		21.4	%		216.2	%		21.8	%
Other underwriting expense		7.3	%		7.5	%		5.4	%		7.3	%
Combined		54.9	%		94.3	%		122.7	%		72.3	%
Three Months Ended September 30, 2008
Segment underwriting results
Net premiums written	$	167,136			106,826			5,180		$	279,142
Net premiums earned		151,763			124,319			4,643			280,725
Net losses and LAE		183,759			86,057			1,047			270,863
Net acquisition expenses		23,691			29,191			3,438			56,320
Other underwriting expenses		11,543			4,948			286			16,777
Total underwriting expenses		218,993			120,196			4,771			343,960
Segment underwriting income (loss)	$	(67,230	)		4,123			(128	)		(63,235	)
Net investment income											48,043
Net realized losses on investments											(71	)
Net impairment losses											(13,096	)
Net change in fair value of derivatives											(6,645	)
Net foreign currency exchange losses											(6,134	)
Other expense											(88	)
Corporate expenses not allocated to segments											(4,376	)
Interest expense											(4,752	)
Loss before income tax benefit										$	(50,354	)
GAAP underwriting ratios:
Loss and LAE		121.1	%		69.2	%		22.6	%		96.5	%
Acquisition expense		15.6	%		23.5	%		74.0	%		20.1	%
Other underwriting expense		7.6	%		4.0	%		6.2	%		6.0	%
Combined		144.3	%		96.7	%		102.8	%		122.6	%
The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.

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Platinum Underwriters Holdings, Ltd.

Segment Reporting

For the Nine Months Ended September 30, 2009 and 2008

($ in thousands)

Nine Months Ended September 30, 2009 (Unaudited)
Segment underwriting results	Property and Marine			Casualty			Finite Risk			Total
Net premiums written	$	402,588			273,940			20,451		$	696,979
Net premiums earned		394,554			299,712			15,486			709,752
Net losses and LAE		186,565			179,426			2,358			368,349
Net acquisition expenses		47,711			66,020			14,772			128,503
Other underwriting expenses		26,925			18,550			1,042			46,517
Total underwriting expenses		261,201			263,996			18,172			543,369
Segment underwriting income (loss)	$	133,353			35,716			(2,686	)		166,383
Net investment income											123,070
Net realized gains on investments											53,917
Net impairment losses											(11,739	)
Net change in fair value of derivatives											(6,828	)
Net foreign currency exchange gains											157
Other income											4,222
Corporate expenses not allocated to segments											(22,467	)
Interest expense											(14,268	)
Income before income tax expense										$	292,447
GAAP underwriting ratios:
Loss and LAE		47.3	%		59.9	%		15.2	%		51.9	%
Acquisition expense		12.1	%		22.0	%		95.4	%		18.1	%
Other underwriting expense		6.8	%		6.2	%		6.7	%		6.6	%
Combined		66.2	%		88.1	%		117.3	%		76.6	%
Nine Months Ended September 30, 2008
Segment underwriting results
Net premiums written	$	454,541			335,295			10,437		$	800,273
Net premiums earned		446,869			385,059			8,630			840,558
Net losses and LAE		279,165			252,233			(6,940	)		524,458
Net acquisition expenses		69,119			98,893			14,987			182,999
Other underwriting expenses		29,774			18,734			961			49,469
Total underwriting expenses		378,058			369,860			9,008			756,926
Segment underwriting income (loss)	$	68,811			15,199			(378	)		83,632
Net investment income											144,037
Net realized losses on investments											(3,267	)
Net impairment losses											(13,096	)
Net change in fair value of derivatives											(8,415	)
Net foreign currency exchange losses											(3,263	)
Other income											533
Corporate expenses not allocated to segments											(18,474	)
Interest expense											(14,253	)
Income before income tax expense										$	167,434
GAAP underwriting ratios:
Loss and LAE		62.5	%		65.5	%		(80.4	%)		62.4	%
Acquisition expense		15.5	%		25.7	%		173.7	%		21.8	%
Other underwriting expense		6.7	%		4.9	%		11.1	%		5.9	%
Combined		84.7	%		96.1	%		104.4	%		90.1	%
The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.

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